It makes no attempt to outlaw encryption. We can still legally use PGP and completely avoid eavesdropping.
What it does mandate is that messaging providers who they will name (think WhatsApp, Signal), will be obliged to have people reviewing the content of all messages sent.
All but the stupidest of criminals will thus work around it, encrypting themselves over the top. While the average Joe gets all their messages read.
But more generally I think one has to account for the power of the default option - with so many criminals posting their crimes on social media and/or their Venmo descriptions, the likelihood of criminals abandoning (say) WhatsApp and coding their own is rather slim.
HTTPS relies on centralised authority. It's right there in the name: Certificate Authority.
Tell me, Mr. Anderson, what good is a phone call when you are unable to speak?
Here, fixed it for you Mr. Criminal.
I've been trying to argue this point with my government several times (some MPs even replied friendly, so they'd actually read it, but still don't understand or believe it).